My research consists in developing models of the economy that incorporate heterogeneity and bounded rationality in the agents' behaviors and expectation formation process. I have been also using lab experiments to gain empirical insights on those behaviors.

The resulting models include agent-based models and learning models with heterogeneous and interacting agents. I have used those models for the analysis of macroeconomic questions, in particular monetary and fiscal policy design, central bank communication, and prudential policy and financial regulation.

Here you can find the list of my publications and working papers along with the codes of the models:

Experimental macroeconomics
Publications in Peer-Reviewed Journals:
16. With Profs. J. ARIFOVIC, C. HOMMES and Dr. A. KOPANYI-PEUKER, Ten isn’t large! Group size and coordination in a large-scale experiment, forthcoming in the American Economic Journal: Microeconomics. WP version here
15. With Prof. J. ARIFOVIC & Prof. C. HOMMES, Learning to Believe in Simple Equilibria in a Complex OLG Economy - evidence from the lab, Journal of Economic Theory, Vol. 183, 106-182. Accepted version available here.

14. HOMMES Cars, MASSARO Domenico & SALLE Isabelle, Monetary and Fiscal Policy Design at the Zero Lower Bound ? Evidence from the lab, Economic Inquiry, Vol. 57, No. 2, April 2019, 1120–1140. Accepted version available here.

Published discussion:

1. Comment on `No Firm is an Island? How Industry Conditions Shape Firms’ Aggregate Expectations, by Philippe Andrade, Olivier Coibion, Erwan Gautier, and Yuriy Gorodnichenko, Journal of Monetary Economics, January 2022.

Working Papers:
2. What to Target? Insights from a lab experiment, Tinbergen Institute Discussion Paper, 21-081/II, September 2021.

1. With Profs. G. EVANS, C. HOMMES and B. McGOUGH, Are long-horizon expectations (de-)stabilizing? Theory and experiments, Staff Working Papers 19-27, Bank of Canada, R&R.

2. With Prof. J. Arifovic and Dr. L. Schilling, Currency substitution: theory and experiments.

1. With Dr. J. Lustenhouwer, Planning Horizons and Fiscal Shocks: evidence from the lab, draft available upon request.

Learning and heterogeneous-agent models:

Publications in Peer-Reviewed Journals:

13. SALLE Isabelle, YILDIZOGLU Murat, ZUMPE Martin & SENEGAS, Marc-Alexandre, Coordination through social learning in a general equilibrium model, 2017, Journal of Economic Behavior & Organization, Vol. 141, 64-82, WP version here.

Code of the model

12. SALLE Isabelle & SEPPECHER Pascal, Social Learning about Consumption, Macroeconomic Dynamics, 2016, Vol. 20 (16), 1795-1825, WP version here.

Code of the model in Netlogo and Java

11. YILDIZOGLU Murat, SENEGAS Marc-Alexandre, SALLE Isabelle, ZUMPE Martin, Learning the optimal buffer-stock consumption rule of Carroll, Macroeconomic Dynamics, 2014, Vol. 18 (4), 727-752, WP version here.

Code of the NetLogo extension of the ANN, and code of the model

Working Papers:

1. With Prof. J. ARIFOVIC, A. GRIMAUD (MS) and Dr. G. VERMANDEL, Social Learning about Monetary Policy at the Zero-Lower Bound, Bank of Canada Staff Working Paper 2020-2.

Presentation at the 2020 CEBRA conference, Bundesbank Session 20: Expectation Heterogeneity and Central Banking, forthcoming on Youtube.

The Jamel Agent-Based Model
Publications in Peer-Reviewed Journals:

10. SALLE Isabelle & SEPPECHER, Pascal, Stabilizing an Unstable Complex Economy ? On the limitations of simple rules, 2018, Journal of Economic Dynamics and Control, 91, 289-317, WP version here.

Code of the model

9. SEPPECHER, Pascal, SALLE, Isabelle and LAVOIE, Marc, What drives markups? Evolutionary pricing in an agent-based stock-flow consistent macroeconomic model, 2018, Industrial and Corporate Change, Vol. 27 (6), 1045-1064, WP version here.

Code of the model

8. Must-Read on Brad DeLong’s blog and the Washington Center for Equitable Growth: SALLE Isabelle, SEPPECHER, Pascal and LANG, Dany, Is the market really a good teacher? Market selection, collective adaptation and financial instability, 2019, Journal of Evolutionary Economics, Vol. 29 (1), pp 299-33, WP version here.

Code of the model

7. SEPPECHER Pascal & SALLE Isabelle, Deleveraging crises and deep recessions – a behavioural approach, Applied Economics, 2015, Vol. 47 (34-35), pp. 3771-3790, WP version here.

Code of the model

I have developed the Jamel model in collaboration with Dr. Pascal Seppecher (U. Paris 13). Find here more information about the model.

Other works on Agent-Based Models:

Publications in Peer-Reviewed Journals:

6. SALLE Isabelle, SENEGAS, Marc-Alexandre, YILDIZOGLU, Murat, How transparent should a Central Bank be ? an ABM assessment”, Journal of Evolutionary Economics, 2019, Volume 29, Issue 1, pp 391–427, WP version here.

Code of the model ​, Code NOLH sampling

5. SALLE Isabelle, Modeling expectations in agent-based models – An application to central bank’s communication and monetary policy, Economic Modelling, 2015, Vol. 46, pp. 130-141, WP version here.

Code of the model , Code NOLH sampling

4. SALLE Isabelle, YILDIZOGLU, Murat, SENEGAS, Marc-Alexandre, ”Inflation Targeting in a Learning Economy: an ABM Perspective”, Economic Modelling, 2013, 34, pp.114-128, WP version here​.

Code of the model , Code NOLH sampling



Publications in Peer-Reviewed Journals:

3. HODBOD Alexander, HOMMES, Cars, HUBER, Stefanie & SALLE, Isabelle, The COVID-19 consumption game-changer: Evidence from a large-scale multi-country survey, forthcoming in the European Economic Review. ECB working paper version here; replication package here

Media coverage: Bloomberg; MarketwatchVOX-EU column; CEPR-VoX interview; El confidential; Santander Insights

2. SALLE Isabelle & YILDIZOGLU, Murat, Efficient Sampling and Metamodeling in Computational Eco- nomic Models, Computational Economics, 2014, Vol. 44, No. 4, pp. 507-536, WP version here.

Code of the NetLogo extension of the ANN, Code NOLH sampling, codes of the paper


1. SALLE, Isabelle, Ciblage de l’inflation, Transparence et Anticipations –une revue de la littérature récente, Revue d’Economie Politique, 2013, Vol. 123, No. 5, pp. 697-736, Document de travail ici.

Contributions to newspapers:

1. Coronavirus: pourquoi les Pays-Bas n’ont pas de leçons à nous donner, a critical piece in FigaroVox (in French) about Dutch economics.